Bitcoin Price: Analysts Weigh in About Recent Dip Below $7K

It’s a very different time to be a bitcoin investor than it was last December. Last year, a season of bitcoin fomo helped drive up the price from nearly $2,000 per coin in May to nearly $20,000 per coin by December 17. Pretty much since then, speculators have learned the hard way that what the easy-money gods giveth, the easy-money gods can also take away.

As of Tuesday evening, bitcoin was trading at roughly $6,500 per coin, according to CoinMarketCap, just barely more than a third of the price traders were paying less than six months ago.

The length of downward trend has some observers wondering whether bitcoin is entering a bear market, a period of trading where pessimism reigns supreme, enough so that the losses become self-sustaining. In other words, a bear market is what’s going on when people start selling because their friend told them they’re selling, driving the price down even further. Coindesk’s Omkar Godbole wrote that the “bearish continuation pattern…